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HBE: Explanation relating to audited financial statement in 2014 On 06/04/2015, Ha Tinh Book and Equipment Education Joint
Stock Company announced explanation relating to audited financial statement
2014 as follows:
+ Explanation for late announcement of audit exception: Due
to mistake in reporting, information disclosure officer did not announce
explanation for audit exception of the Auditor.
+ Explanation for audit exception: Some receivables of VND
1,352,198,056 and payables of VND 741,060,177 were not compared and confirmed
on 31/12/2014. We did not implement procedures to compared receivables and
payables because customers were far and changed office so confirmation was not
enough. Until now, we have already confirmed some customers and is continuing.
In item (ii) of the Note no. 16, interest support for
construction of Hoa Sen Kindergarten from People’s Committee of the province
(VND 1,143,771,827) was uncertain to be collected. The Company distributed to
expense in 2012, 2013 by VND 571,825,919; the remaining of VND 571,945,908 was
recorded to business result in 2014. As explained in previous reports, interest
support for construction of Hoa Sen Kindergarten from People’s Committee of Ha
Tinh province was not deployed due to difficulty of provincial budget. In order
to ensure cautiousness, Executive Board of the Company decided to record this
to “long-term prepayment” and carried forward to annual business result.
+ Explanation for difference of figures in financial
statement of the Holding Company, consolidated financial statement in Quarter
4/2014 before and after audit.
* Regarding to the Holding Company: When making report, the
Company did not extract provision for loss in subsidiary companies (HBE Trading
Co., ltd) so business result got difference of VND 459,145,984.
* Regarding to consolidated financial statement: The Auditor
adjusted some entries in financial statements of subsidiary companies so
consolidated financial statement got difference.
+ Explanation and solutions for stock under alert
Reason: 2014 was a difficult year for Ha Tinh Book and
Equipment Education Joint Stock Company. Due to instability of organization,
revenue decreased by 15%, receivables could not be collected, and low-quality
products were many so profit after tax in 2014 was negative.
Solution: Stabilize organization, enhance exploitation and
development of markets, minimize expense, intensify receivable collection and
retail in stores to increase profit. HNX
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